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Thread: A-Z of business operation

  1. #1
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    A-Z of business operation

    Hi all,

    This is going to be a tough one to go through.

    I am curious as a first time business owner, What is involved in a monthly basis of running a company.... From Tax/Vat/PAYE/Accounts etc.
    When do you do what in the month and how do you plan your months.

    I believe this is anothe subject like the last one i started that will be one of those subjects that some people are nervous to ask as they will look and feel kinda silly. TBH i dont care much for silly i have a business to run and want to know how in the fastest possible way

    That is where you all come in

    Any comments or additions would be welcome.

    Thanks
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    Site Caretaker Dave A's Avatar
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    Snoopy, maybe take a look at the returns list thread and then see what questions you've got from there.
    The trouble with opportunity is it normally comes dressed up as work.

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    Thanks dave that does answer some questions i have had:

    I have just picked this up off business warriors and wanting to know your thoughts:

    * Companies Act - the business rule book for PTY's and JSE companies
    * Close Corporations Act - the rule book for CCs
    * Financial Intelligence Centre Act - the main reason your banker is so paranoid about getting your home address right.
    * Basic Conditions of Employment Act - the main reason we can no longer follow the Caribbean style of staff motivation of "De Whipping will continue until De Morale Improves". Most of us know just one thing about this Act - if it isn't displayed in the office for the staff to splash coffee on, you will get penalised.
    * National Credit Act - why it's now your responsibility as a supplier if any of your prospects becomes a client when s/he/it already owes more money than a hedge fund, and why you won't be able to get your money back.
    * Financial Advisory and Intermediary Services Act - why I must add a disclaimer behind every statement I make that remotely smacks of financial advice. For example, I am not registered under this act as a financial intermediary and therefore I am not allowed to tell you that sinking your inheritance into pyramid schemes (which I am not qualified to tell you are illegal) might be risky, which I have not appropriately defined - even if I were to give you this advice after 7 hours of intense alcoholic and other stimulant intake at last night's braai.
    * SARS - there is so much here, and so many Acts, that they get their own website. It's BIG. They're BIG. Don't mess with them. Get an accountant. (Which I am not allowed to advise you to do in terms of the Financial Advisory and Intermediary Services Act. I am, however, allowed to demonstrate my intense concern by silently wetting myself at least once during the evening.)
    * Electronic Communications and Transactions Act - which regulates what you can and can't do on the Internet, and defines the SA version of spam, which differs from the US version, as well as how long an Internet purchaser can take before keeping your goods and demanding their money back.
    * Labour Relations Act - in which your staff get more rights than your wife and children so don't try to sleep with them, and follow the rulebook closely when employing them, firing them, or having dinner with them. (The staff, not your wife!) 157 pages of pitfalls, each of which will cost you serious money if you don't have a priest, which I believe I might be able to advise you to locate. (For your wife, not your staff!)
    * Promotion of Access to Information Act - my very favourite waste of money. Fortunately you don't need to worry about this until 2011, unless you're a doctor (or something). I forget.
    * Auditing Profession Act - the reason for (Pty) Ltd auditing costs spiralling into the stratosphere. Not only is your auditor consequentially paranoid (and rightly so) but s/he/it must report any of your aberrations to govrernment before reporting them to you.
    * Small Business Tax Amnesty ... Act - in which the government will stop trying to put you in jail for missing the past few tax payments (and for which they had to temporarily suspend putting accountants into jail for helping you get this amnesty)
    * CIPRO - where you have to submit your business details online each year, failing which your company will expire underneath you without warning
    * Workmen's Compensation Commissioner - where you must register and pay the moment you have one employee - including yourself!
    Last edited by duncan drennan; 05-Mar-08 at 02:39 PM. Reason: quotation and reference
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    Quote Originally Posted by Snoopy_inc View Post
    * CIPRO - where you have to submit your business details online each year, failing which your company will expire underneath you without warning
    I actually phoned Cipro when I saw this part, they said that this would never happen, but they do want business owners to ensure that the information available on their websites are accurate. I am sure he wouldn't state that if he didn't know that it was true... Very interesting nonetheless

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    Site Caretaker Dave A's Avatar
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    Maybe this has changed since, but I'd be careful about letting the renewal slide too long. They do indeed delist eventually, although the case I heard of it was after failing to renew for about 3 years.

    It was interesting as CIPRO had to relist the company concerned as it owned property - in theory they weren't allowed to delist it in the first place because of the property holding, but I guess they've got to force you to pay up somehow.
    Quote Originally Posted by Snoopy_inc View Post
    I have just picked this up off business warriors and wanting to know your thoughts:
    I just love Peter's sense of humour

    Nice list
    The trouble with opportunity is it normally comes dressed up as work.

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    Hehehhe,

    Dave it was on their free section not within the forum... I would never join them to be honest. Why pay when i can get the info from here.

    I am trying to compile a complete business list of things that have to be done from beginning to end... im starting to get a clue now as to what has to be done.
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    Site Caretaker Dave A's Avatar
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    Quote Originally Posted by Snoopy_inc View Post
    Why pay when i can get the info from here.
    I hear you, but what you get for a BW subscription is still worth the fee.
    The trouble with opportunity is it normally comes dressed up as work.

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    Maybe this is a bit of topic, but here goes anyway.

    I have experienced the last couple of months that I am painting myself into corners. My business is growing at a rapid rate and I am finding it challenging to get everything done.

    So I am getting rid of the stuff that is not earning me any money and outsourcing it to professionals. I am also now looking for a PA/admin lady as I am starting to accidentally book double meetings and forget about others. The fact is though that I am focusing on where the money is and trying to get rid of the time wasting routines.

    However I still need to maintain a watchful eye on my business in terms of bookkeeping, admin etc. so I am dedicating an hour or 2 a week on that part. This is the plan anyway...

  9. #9
    Site Caretaker Dave A's Avatar
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    Growing pains by the sounds of things.

    There are times when you need to make a decision as to just what is sustainable growth.

    How quickly can you obtain competent, affordable staff to delegate to?
    What are the cashflow implications of growth?
    Will you need external finance?
    Will the growth result in your business being more profitable?
    Will you be able to maintain the core cause of your success? (Or if you must replace it, is it worth it?)

    These things cannot be assumed - as I know to my own personal cost at times.
    The trouble with opportunity is it normally comes dressed up as work.

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    Chat i have seen this many times in my life now... with my folks owning multiple companies and me handling some of them during crisis i can honestly say that when you get to the stage where you loosing yourself to the company (overworked) your time management goes out the window... and all it takes then is one of your staff to leave you and you down the kak street.

    The idea here is to make sure you on top of the work and not under it. Stress and negative thoughts cause you to be under the work instead of on top.... I know it sounds airy fairy but it really does work.

    there is a reason why there is a 90 / 10 divide in the world.
    90% of the people make 10% of the profit while 10% of the people make 90% of the profit.

    Your company is growing which is BRILLIANT but sometimes you have to not accept new business to keep your quality of work high.

    hrm on a personal note why not increase your rates a bit... normally i find that you will loose the people that arnt great clients that way instead of telling them you to busy. Gives you time to focus on the core of your business.

    Just my personal opinion.
    Hope it helps.
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